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Impac Mortgage (IMH)

Impac Mortgage Holdings, Inc. engages in the provision of mortgage and real estate solutions. It operates through the following segments: Mortgage Lending, Real Estate Services, and Long-Term Mortgage Portfolio. The Mortgage Lending segment offers mortgage lending product through lending channels, retail, wholesale and correspondent, retains mortgage servicing rights, and warehouse lending facilities. The Real Estate Services segment performs servicing, and provides loss mitigation services for securitized long-term mortgage portfolio. The Long-Term Mortgage Portfolio segment consists of residual interests in securitization trusts. The company was founded by Joseph R. Tomkinson in August 1995 and is headquartered in Irvine, CA.

Company profile

Ticker
IMH, IMPHP, IMPHO
Exchange
CEO
George A. Mangiaracina
Employees
Incorporated
Location
Fiscal year end
Former names
IMPERIAL CREDIT MORTGAGE HOLDINGS INC
SEC CIK
Subsidiaries
Impac Funding Corporation • IMH Assets Corp. • Copperfield Capital Corporation. • Integrated Real Estate Service Corporation • IRES owns 100% of Impac Mortgage Corp. ...
IRS number
330675505

IMH stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

15 May 22
9 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 76.07M 76.07M 76.07M 76.07M 76.07M 76.07M
Cash burn (monthly) (no burn) (no burn) 4.06M 2.02M (no burn) (no burn)
Cash used (since last report) n/a n/a 17.48M 8.71M n/a n/a
Cash remaining n/a n/a 58.6M 67.36M n/a n/a
Runway (months of cash) n/a n/a 14.4 33.3 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Mar 22 George A. Mangiaracina Common Stock Sell Dispose S No Yes 0.7161 6,200 4.44K 242,604
24 Feb 22 Tiffany Entsminger Common Stock Sell Dispose S No Yes 0.75 1,087 815.25 20,483
24 Feb 22 Justin Moisio Common Stock Sell Dispose S No Yes 0.751 1,067 801.32 19,058
24 Feb 22 George A. Mangiaracina Common Stock Sell Dispose S No Yes 0.7332 20,460 15K 248,804
24 Nov 21 Trust, dated May 31, 2011 RHP Common Stock Sell Dispose S No No 1.3 675,000 877.5K 3,625,000
25.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 30 28 +7.1%
Opened positions 5 4 +25.0%
Closed positions 3 5 -40.0%
Increased positions 6 4 +50.0%
Reduced positions 5 7 -28.6%
13F shares Current Prev Q Change
Total value 5.88M 6.8M -13.5%
Total shares 5.4M 5.32M +1.4%
Total puts 0 0
Total calls 10.3K 14.6K -29.5%
Total put/call ratio
Largest owners Shares Value Change
Pickup Richard H 2.4M $3.1M 0.0%
HighTower Advisors 837.84K $629K +0.0%
MS Morgan Stanley 600.69K $451K +4.9%
Vanguard 435.9K $327K 0.0%
Pickup Todd M 234.4K $713K 0.0%
Bridgewater Advisors 112.63K $84K 0.0%
Geode Capital Management 90.2K $67K 0.0%
Renaissance Technologies 89.97K $67K -0.3%
BLK Blackrock 88.85K $66K -1.6%
Blair William & Co 73.47K $55K 0.0%
Largest transactions Shares Bought/sold Change
Bridgeway Capital Management 68.6K -30.08K -30.5%
Two Sigma Securities 29.78K +29.78K NEW
MS Morgan Stanley 600.69K +28.12K +4.9%
Citadel Advisors 20.53K +20.53K NEW
UBS UBS Group AG - Registered Shares 10.43K +10.43K NEW
VIRT Virtu Financial 10.13K +10.13K NEW
Beacon Pointe Advisors 25.54K +10K +64.4%
Altium Wealth Management 0 -10K EXIT
Aj Wealth Strategies 67.15K +6.18K +10.1%
BLK Blackrock 88.85K -1.46K -1.6%

Financial report summary

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Management Discussion
  • For the year ended December 31, 2021, net loss was $3.9 million, or $0.22 per diluted common share, as compared to net loss of $88.2 million, or $4.15 per diluted common share in 2020.  For the quarter ended December 31, 2021, net earnings were $3.6 million, or $0.15 per diluted common share, as compared to net loss of $2.2 million, or $0.10 per diluted common share in the fourth quarter of 2020, and net earnings of $2.1 million, or $0.08 per diluted common share, in the third quarter of 2021.  
  • Net loss for the year ended December 31, 2021 decreased to $3.9 million as compared to $88.2 million for the year ended December 31, 2021.  The year over year decrease in net loss was primarily due to a $51.3 million increase in gain on sale of loans, net, a $28.5 million decrease in loss on sale of mortgage servicing rights, net, as well as a $9.7 million increase in other income.  The increase in gain on sale of loans, net for 2021 was due to origination volumes increasing to $2.9 billion, with margins of 225 basis points (bps), as compared to $2.7 billion in originations in 2020, with margins of approximately 51 bps.  Margins increased year over year primarily due to the aforementioned temporary suspension of lending in 2020, as well as an increase in NonQM production.  The decrease in loss on sale of mortgage servicing rights, net was due to a $28.5 million reduction as a result of the sale of $4.2 billion in unpaid principal balance (UPB) of Freddie Mac and GNMA MSRs in the second and third quarters of 2020 resulting in losses of $6.5 million, as well as losses of $22.0 million resulting from changes in fair value of MSRs as a result of prepayments and prepayment assumptions during 2020.  Additionally, other income increased $9.7 million year over year primarily due to a decrease in residual discount rates on the long-term mortgage portfolio.
  • For the year ended December 31, 2021, core loss before tax (as defined below) was $12.4 million, or $0.58 per diluted common share, as compared to core loss before tax of $58.7 million, or $2.76 per diluted common share, in 2020.  For the quarter ended December 31, 2021, core loss before tax was $5.0 million, or $0.23 per diluted common share, as compared to core earnings before tax of $3.3 million, or $0.16 per diluted common share, for the fourth quarter of 2020,

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